Greenspan calls for repeal of all Bush tax cuts

Discussion in 'Economy' started by Chris, Aug 7, 2010.

  1. Chris
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    Chris Gold Member

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    It was not enough, it seems, for Alan Greenspan, the former Federal Reserve chairman and a self-described lifelong Republican libertarian, to call for stringent government regulation of giant banks, as he did a few months ago.

    Now Mr. Greenspan is wading into the most fierce economic policy debate in Washington — what to do with the tax cuts adopted, in large part because of his implicit backing, under President George W. Bush — with a position not only contrary to Republican orthodoxy, but decidedly to the left of President Obama.

    Rather than keeping tax rates steady for all but the wealthiest Americans, as the White House wants, Mr. Greenspan is calling for the complete repeal of the 2001 and 2003 tax cuts, brushing aside the arguments of Republicans and even a few Democrats that doing so could threaten the already shaky economic recovery.

    http://www.nytimes.com/2010/08/07/business/economy/07greenspan.html?src=mv
     
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  2. Toro
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    Toro Diamond Member

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    Given how spectacularly wrong Greenspan has been throughout his career, Congress should immediately extend the Bush tax cuts for at least another year.
     
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  3. Charles_Main
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    Charles_Main AR15 Owner

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    LOL didn't you guys say this guy fucked up everything he touched? so now he is right?


    You are fool if you think when a married couple making 75,000 a year see their Federal Tax Load go from 0 Last year, to 3200 Bucks this year that it will have no effect on the Economy. YOU ARE OUT OF YOUR MIND!!
     
  4. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    I'd like to see all the cuts repealed...not just on the wealthy

    As long as all the revenue goes to deficit reduction
     
  5. editec
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    editec Mr. Forgot-it-All

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    Strikes me that raising taxes during a deflationary recession is a pretty bad idea.

    And raising taxes on the very people who need money to revitalize the economy (the consumer class) and even worse idea than allowing the tax breaks to the investor class (those making over $250 K per year) to return to their previous rates.

    You want to give tax breaks that will benefit this nation in the long run?

    Give tax breaks to new manufacturing development IN THE USA.

    While you're at it impose tariffs on imports to generate revenues to offset those tax breaks to given people investing in US based manufacturing.

    We need to REINDUSTRIALIZE this nation, folks.
     
    Last edited: Aug 8, 2010
  6. bigrebnc1775
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    bigrebnc1775 Diamond Member

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    Who do you take money from when there is no more money to be taken?
     
  7. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    3% is going to break the backs of the wealthy....I have so much sympathy for them having to do without during hard economic times
     
  8. Charles_Main
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    Charles_Main AR15 Owner

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    The Point is not it will break their backs, it is that they will spend less, and invest less, and the Economy will suffer for it.

    Those top2% include most Small businesses that File as Sole Proprietors you know.
     
  9. Sherry
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    Sherry You're not the boss of me Supporting Member

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    Do you trust the government more to reinvest that money and get a better return on it than those people who had proven themselves in the first place by acquiring it??
     
  10. Charles_Main
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    Charles_Main AR15 Owner

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    Of course they do, that is the whole point. They think the Government MUST take their money and use it to Raise up the poor. They think those who have the money got it in evil ways, and are evil, and they must right the wrong.
     

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